Yesterday evening Sword reported Q1 results
with sales in line with our estimates but lfl revenue growth 5.4ppt ahead of
the company's target, with Services sales boosted by Benelux and Switzerland.
FY16 guidance has been fine-tuned for forex given the weak GBP against the EUR
since early March. In addition, the 2015 dividend is unsurprisingly set to be flat
at EUR1.20 per share. With lfl revenue growth 5.4pp ahead of the full-year
target, we expect the share price to react positively.